I use an Innova "delay flash" timing light, and set the timing at around 2K RPM with the vacuum advance line disconnected. With the centrifugal advance maxed out, you're looking for around 35 degrees of advance. When the vacuum is functioning at light throttle cruise, it adds around another 10 degrees for good fuel economy, which goes away as soon as the throttle is opened up for hill climbing or passing. Most flywheels have the timing BB positioned at 5 degrees of advance, so dial in the flash delay to 30-32 degrees to account for the offset. Once the initial timing is set, find a long hill to pull at wide open throttle and listen for detonation for a final test. You might need to drop back a degree or two to eliminate any rattle on a hard pull.
Jerry